Germany's Norma sells water management business to US company for $1 billion
By Alexander Hübner and Linda Pasquini MUNICH (Reuters) -German automotive and industrial supplier Norma will sell its lucrative water management business to U.S. rival Advanced Drainage Systems in a deal valued at $1 billion, the companies said on Tuesday. As a result of the deal, Norma is set to lose roughly a quarter of its forecast revenue this year as it works towards becoming a more focused industrial supplier. Shares in Norma opened 4% higher on Tuesday after the announcement of the deal. However ...